SONHA SSP VIETNAM SOLE MEMBER COMPANY LIMITED (CÔNG TY TNHH MỘT THÀNH VIÊN SƠN HÀ SSP VIỆT NAM): A Manufacturing Giant with a Profitability Crisis

At first glance, SONHA SSP VIETNAM SOLE MEMBER COMPANY LIMITED looks like a rising star in Vietnam’s structural metal manufacturing sector. With nearly USD 148 million in revenue and an asset base of over USD 72.6 million, it has the physical scale and market presence to command attention. But dig deeper, and the numbers reveal a more uncomfortable truth: this is a company growing in size, but bleeding in profit.

Headquartered at Lot D, Phung Town Industrial Cluster, Phung Town, Dan Phuong District, Ha Noi City, the company, operating under tax code 0106980045, is wholly owned by Sonha International Corporation—a prominent Vietnamese brand in the stainless steel and home appliance space. Since its founding on September 8, 2015, SONHA SSP VIETNAM has built itself into a key player in the manufacture of welded stainless steel pipes, structural metal products, and related construction materials. Under the leadership of Mr. Le V. T., the company employs 280 staff and serves a wide array of industrial sectors across the country.

The financial picture, however, is riddled with contradictions. While sales have grown by over 23% between 2021 and 2023, hitting USD 147.7 million last year, profit has plummeted—from a healthy USD 3.58 million in 2021 to a staggering loss of USD 643,411 in 2023. That’s a 202.99% year-on-year profit drop, and a dramatic reversal of fortune. The decline began in 2022 with an 82.55% plunge in profit, signaling that the problem isn’t a one-off—it’s a trend.

Even more worrying for risk professionals is the collapse in working capital, which shrank by nearly 46% in 2023, settling at just USD 7.78 million. This suggests potential liquidity issues, especially if the company continues to operate on razor-thin or negative margins. Despite a modest 3.68% increase in equity (now at USD 18.92 million), the firm is clearly struggling to convert top-line performance into sustainable bottom-line results.

SONHA SSP VIETNAM’s financial deterioration should raise flags for any partner, investor, or lender in a competitive industry that demands operational efficiency and cost control. The company’s ambitious diversification—ranging from electric motors to metal coatings and even passenger land transport—might be spreading resources too thin, diluting core strengths in stainless steel pipe manufacturing.

For those tracking Vietnam private financial data or involved in business verification, SONHA SSP VIETNAM presents a classic case: a company with industrial muscle and sales momentum but risks overheating without adequate control over profitability. The brand and backing of Sonha International may buy time, but unless the downward spiral in profit is addressed, the market may start questioning the company’s long-term viability.

The brand may shine, the steel may gleam—but the balance sheet is sounding an alarm.